Podcast

We have partnered with The Family Business Podcast, hosted by Russ Haworth, to help providing family businesses with tips and guidance on key family business questions.

THEMES:

SUCCESSION PLANNING

COVID-19: FAMILY BUSINESSES IN TIMES OF CRISIS

SUCCESSION PLANNING

succession planning considerations

In this episode Russ is joined by Mike Kane from Turcan Connell. Mike is a corporate lawyer and works with family businesses to help them with their succession planning.

In this chat they cover what considerations you might want to think over before starting the process of succession planning. They cover the aspects of an MBO, a dynastic succession and alternatives such as full sale and a sale to an employee owned trust.

Covid-19 episodes - family businesses in times of crisis

covid-19 update from the ifb

The IFB's Fiona Graham join Russ again to provide further insights into the work that she and the Institute for Family Business are doing on behalf of family businesses here in the UK.

They look at:

The impact that COVID has had and some of the innovation that has been seen from the UK's family businesses.

What policies the IFB are lobbying Government about, specifically linked to COVID and away from COVID.

Some of the key findings from the 2020 State of the Nation report including an increase in female leadership amongst family businesses.

The fact that family businesses tend not to access all of the support that is available and the impact that may be having on their finances and attitudes to taking on debt.

The importance of applying for Research and Development credits

Find TEDx resources here:

https://www.ifb.org.uk/resources/for-owners/tedx-countdown-family-business-as-a-force-for-good/

You can read the State of the Nation report here:

https://www.ifb.org.uk/media/4303/the-state-of-the-nation-2020-web.pdf

There is additional COVID-19 guidance for family businesses here

https://www.ifb.org.uk/resources/for-owners/covid-19-guidance-for-businesses/

THE ARBIKIE DISTILLERY STORY

Arbikie Estate is a family-owned working farm in Scotland. This episode looks at the innovative and collaborative way that this family have been creating new products, including a carbon positive gin and vodka product. We hear about the history of the family and how the current owners returned to the business having initially pursued careers away from it. Iain Stirling describes how the collaboration happened and what others can learn from the opportunities that exist. We also discuss the impact of COVID and Brexit on the business and how they are approaching their working operations as a result.

family offices and covid-19

Bobby Stover is America's Family Office Leader at EY. He joins the show this week to discuss the challenges that the COVID-19 pandemic has presented to family offices and how these are being tackled.

We look at how some are adapting in different ways to others.

What will the coming months and years mean for how family offices operate?

How are different generations dealing with the current situation?

Alongside these challenges we also discuss how best we can keep staff within a family office engaged as well as family members who may have already been struggling with feeling an attachment to the family office.

What different ways can be explored to help with communication at a time when we are working more remotely.

how to be up in down times

We have spoken already on the show about the importance of looking after our wellbeing during the current COVID pandemic, and this is something that my guest this week feels very passionately about.

Friend of the show, Mitzi Perdue joins Russ on this episode to talk about some of the tips she and her co-authors have shared in their book - How to be Up in Down Times.

We hear about the importance of self-care, the subjects to avoid talking about and negative impacts of stress.

We also have a surprise phone in moment from Mark Victor Hansen himself!

Mitzi also shares her passion for the fight against human trafficking and how we can all get involved in this fight.

successful transitions in a family business

On this episode Russ is joined by Dr. Jim Grubman who is an internationally recognised consultant, speaker, and educator in the multidisciplinary field of family wealth psychology. He works with affluent families and their advisors to understand how wealth and life can be integrated successfully.

On this episode we cover many different topics. We look at how different generations have reacted to recent events and experiences.

We explore the role of governance and discuss what 'good governance' looks like and what it does for families in business.

We explore the 'resilience' and what that really means during this current crisis.

Many families are finding out what areas they have done well in and where they need to learn when it comes to both governance and succession (or transition) planning.

We also look at the important role that advisers play in working with families during these transitions and the elements that make up the 'Generative Alliance' that can help family businesses to thrive.

You can find out more about Jim here: www.jamesgrubman.com

ENGaging the next generation

On this weeks show Russ is joined by Guillermo Salazar as they discuss what family businesses can be doing to help prepare their next generation given that we are living in turbulent times.

They look at the different types of mindset that people are adopting during the COVID-19 pandemic and how this impacts your family business.

In addition Guillermo talks us through a case study of a family that he has worked with to help them prepare their next generation to be owners of the business.

About Guillermo Salazar

Expert on corporate governance, and the strategic planning of succession and family patrimony. He has served as advisor for numerous business families on their protocols, generational transition, alignment of family vision and values for decision-making, and conflict resolution. Author of the books “Family Businesses: Tools for the Management of Love and Money” and “Handbook for the Family Business”. Lecturer and educator in the field of the family business in Latin America. Fellow member of the Family Firm Institute (FFI) in Boston, USA. Recipient in 2015 of the International Achievement Award of the Family Firm Institute.

Website: exaudionline.com

Re-inventing the family business after the pandemic

For over 40 years, Dennis has been one of the leading architects of the field of family enterprise consulting. As both an organisational consultant and clinical psychologist, he helps multi-generational families to develop governance practices that build the capability of next generation leadership and ensure ongoing capability of financial organisations and family offices to serve their family clients.

We draw on Dennis' expertise and experience in this episode to look at how you re-invent your family business after the pandemic.

We look at what other family businesses have done through previous crises and in particular those that Dennis has studied for his book 'Borrowed from your Grandchildren'. This looks at family businesses that have survived for more than 100 years and explores the common characteristics of these firms.

In a wide ranging conversation we cover:

What families can be doing now
Reviewing why you are in business together
The roles each generation can play
How to build resilience

You can find out more about Dennis and his work by heading to www.dennisjaffe.com

BRANDING AND STRATEGY BEYOND COVID

As we emerge from this crisis there is an opportunity to ensure continued success for your family business. Choosing the right strategy will be the difference between doing this in a way that is aligned to your values as a family, and coming across in a genuine way, compared to appearing as tone deaf and icky.

Jeremy Miller is a the Founder of Sticky Branding a branding and strategy agency based in Toronto, Canada.

Jeremy works with family businesses to help them to grow their brands. He used these techniques to grow his own family business before deciding to sell the business to focus on what he was passionate about.

In this episode we discuss branding, strategy and give practical and real examples of businesses who are positioning themselves to thrive in an 'After-COVID' world.

We also discuss succession and the role that the next generation can play in the future strategy of the business.

You can find out more about Jeremy here: www.stickybranding.com

REASONS TO BE HOPEFUL

We are living in unprecedented times where we are fearful for our families health, that of our own and the prospects for our businesses. It can be easy to become overwhelmed by the situation, so in this episode Russ offers some reasons to be hopeful.

Many businesses now are aware of and accessing the support available to them from Government and have started to look at what they need to do within their businesses and within the environment they find themselves in.

In this episode Russ discuss some of the reasons he is hopeful and optimistic and shares some tips on how to spend any additional time that you may have as a result of the Government guidance to stay home and save lives.

CRISIS MANAGEMENT

In this episode Russ talks to Managing Director of Family Business Norway, Simone Møkster, Director General of the Institute for Family Business Elizabeth Bagger, 4th generation family business member and founder of the IFB, Alex Scott and John Learmonth who has written studies how family businesses reacted to the Second World War and were able to come out of the crisis stronger.

Whilst there are many differences between the two historical events of WWII and Coronavirus, there are some key characteristics that family companies showed during WWII, which we can learn from today:

- Entrepreneurship

- Leadership

- Perseverance

- Diversification

- Human Assets

- Getting organised

- Reputation

You can find John Learmonth's article "FIC Crisis Management and Survival – nine practical takeaways from family business war stories" here.

USING MINDFULNESS TO LIVE WELL DURING CORONAVIRUS

With Corona Virus impacting more and more businesses and people around World, Russ follows up the last episode with an interview with Martin Stepek.

Martin is a mindfulness coach and also a family business expert and so can offer unique insights into how to use mindfulness at times of extreme stress.

Martin's own family business went into administration in the early 2000's and he found that during that extremely difficult time he was able to use his mindfulness practice to help him through.

You can find out more about Martin at the following sites:

www.martinstepek.com

www.tenforzen.co.uk

SUPPORT FOR FAMILY BUSINESS DURING CORONAVIRUS

Corona Virus is having a huge impact on the lives of us all. It is a scary time when we are fearful for our families health and well-being and our businesses.

Family businesses across the world will be trying to balance all of the conflicting priorities that exist and will need support to do so.

In this episode Russ offers guidance as to where to get advice, where to get support and some tips on remote working and remaining positive during this exceptionally difficult time.

The resources mentioned in the episode are as follows:

https://www.ifb.org.uk/advice/for-owners/covid-19-guidance-for-businesses/

https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response

https://www.familybizunited.com/coronavirus

You can email Fiona: Fiona.Graham@ifb.org.uk

branding and communications

THE IMPORTANCE OF A GOOD WEBSITE

Your website is your shop window for the world. It is likely to be the first experience your customers have of your brand. Given its importance Russ chats to family business Jammy Digital about what your website should include.

Martyn and Lindsay are a husband and wife team who run their own web design agency. In this episode Russ chats with them about the areas you will want to focus on with your websites and importantly what not to do as well.

THE STORY OF AUTOMATION NINJAS

Kenda and Mike Macdonald own and run Automation Ninjas, a marketing automation business.

Their journey into ownership wasn't a straight forward one but they have created an award winning business that creates amazing customer journeys using buyer psychology and marketing automation.

In this showcase episode we discuss why your business may also benefit from understanding more about how your customers think.

governance

SERIES SUMMARY

How does all that we've explored in this series tie together? And how can you create family business culture that reflects the value of your family?

Useful links:

Maintaining Family Values

CORPORATE GOVERNANCE

In this episode we look at Corporate Governance and in particular the Wates Principles.

The Wates Principles are a set of Corporate Governance principles that some large businesses need to report against. In this episode Russ discusses these principles and how they can be adapted and adopted by your Family Business.

He also looks at some of the legal structures that can be put in place to protect the shareholders in the business should disputes arise or deadlocks appear in your voting.

You can find the Wates Principles here.

NON-EXECUTIVE DIRECTORS

The appointment of a Non-Executive Director is a key milestone in the evolution and professionalisation of a family business. They bring experience, expertise and an independent voice to your board meetings and they are there to challenge the executive directors, in a constructive way to help you push the business towards its strategic goals. In this episode Russ covers who would be a good fit and who you should perhaps avoid and which characteristics and skills you would want them to bring to the party.

THE FAMILY BUSINESS BOARD

As a family business grows, the need for the right forums to be in place to discuss the important strategic goals of the business becomes increasingly important. Once such forum is the Board of Directors.

In this episode Russ discusses when you would want to introduce a board to the family business, and how. Who sits on the board, what are their responsibilities? How many board members should there be and how are board meetings structured.

WHAT IS A FAMILY ASSEMBLY?

Continuing our look at Family Governance, in this episode Russ discusses the Family Assembly, or retreat/meeting: what they are, who attends and what subjects are covered, along with some hints and tips as to how to get your own family meetings up and running.

We also look at the interaction between a family assembly, a family council and the family charter and provide a reminder of the key benefits of family governance.

THE FAMILY COUNCIL

Family Councils create a bridge between the business family and the family business board. In this episode Russ explains what a Family Council is, what roles and responsibilities it has and how you would typically elect its members.

Russ also covers the important role of the Chair, the skills they are likely to need and the way in which the Family Council interacts with the business and the family.

WHAT IS A FAMILY CHARTER?

The Family Charter is the cornerstone or foundation document of a family governance system. It is the bedrock on which everything else is built.

It is also known as a Family Constitution or agreement. It is the main document that the family use to outline their values and vision for the family business.

Whilst rare they are gaining recognition and being adopted by many families. In this episode Russ explores why they are useful and how to get started with your own.

WHAT IS GOVERNANCE?

What is family business governance? Why is it useful? What are some of the common barriers to putting governance in place? Where can you start from?